stock
This query is : Resolved
26 October 2010
Dear sir,
The closing stock value (Inventories) in balance sheet as at 30-09-2010 is US$ 70,0000.
But the actual stock value after the physical stock check is found to be US$ 60,0000.
How to write off the difference US$10,000 from the balance sheet as at 31-10-2010.
US$10,000 worth items are actually not in the stock.
which entry to be passed to write off US$10,000.
Closing stock a/c( Balance sheet)- Dr.
Inventory expense a/c ( P&L) - Cr.
Is the above journal entry correct.
I am using a different ERP software and can not journalise the closing stock and a P& L expense item. What to do?
I can journalise the closing stock and purchase account.
Please reply
Sam
The closing stock value (Inventories) in balance sheet as at 30-09-2010 is US$ 70,0000.
But the actual stock value after the physical stock check is found to be US$ 60,0000.
How to write off the difference US$10,000 from the balance sheet as at 31-10-2010.
US$10,000 worth items are actually not in the stock.
which entry to be passed to write off US$10,000.
Closing stock a/c( Balance sheet)- Dr.
Inventory expense a/c ( P&L) - Cr.
Is the above journal entry correct.
I am using a different ERP software and can not journalise the closing stock and a P& L expense item. What to do?
I can journalise the closing stock and purchase account.
Please reply
Sam
26 October 2010
Debit the P/L account ( loss in inventory) and credit the inventory A/c ( through material module)
30 October 2010
YOu just need to pass a stock journal entry
in which you can enter short & excess stock
& it will take effect in closing stock automatically.
in which you can enter short & excess stock
& it will take effect in closing stock automatically.
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